Media & Publishing sector continues upward march

Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) passed through a lean session on Sunday, shedding more than 83 points.The index fell to 9,424.95 points, showing a further reduction of 0.88 percent for the entire day. It plunged to a maximum 110 points from the level of opening bell on Sunday.Large cap performed worst among market cap indices, falling 1.2 percent on Sunday. Top ten large caps finished to the downside, where Al-Rajhi Bank dipping by 3.25 percent, Kingdom Holding 1.44 percent and Saudi Telecom Co. 1.13 percent.Most of the major sector indices ended in the downward territory, paring an aggregate of 1,028 points.Banking, Tourism and Real Estate Development sectors showed the worst performance, slipping 1.68 percent, 1.18 percent and 1.17 percent respectively.On the other positive side, Media and Publishing sector continued its upward march, marking another surge over three percent to 4,503.55. Insurance sector followed it, rising 2.55 percent for the session.The total number of falling stocks exceeded to the total number of rising stocks by a huge margin of 96 to 55.Wafrah for Industry & Development Co. suffered worst of all Saudi companies, decreasing 9.78 percent for the day to SR50.75.On the other hand, share prices of Saudi Industrial Export Co. and AXA Cooperative Insurance rallied to a maximum growth of 10 percent, closing the day at SR71.5 and SR42.9 respectively.AXA volume with trades over 2.2 million also went 4.6 times high over the 50-day average level. Alinma Bank topped the volume chart, liquidating 33.3 million shares and capturing a relative market share of 12.1 percent.Market activity was a little low for the day; specifically 276.4 million shares worth SR9.2 billion were liquidated at Tadawul. This turnover reflects a daily decrease of 15.8 percent on volume basis and 12.2 percent in terms of liquidity.Tadawul volume also went below the 50-day average of 300 million shares roughly.

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